Golden Visa Spain

• What is Spain’s “Golden Visa”?
• What does Spain’s “Golden Visa” program entail?
• How to obtain a “Golden Visa” in Spain?
• Law for entrepreneurs and capital investors
• How to obtain Spanish citizenship?
• How to obtain residence permit in Spain?
• Conclusion

1. What is Spain’s “Golden Visa”?

Spain attracts many who want to stay in the country longer than a tourist visa allows. As one of Europe’s largest states, it accepts foreigners through various legal mechanisms. The most accessible options are obtaining residence permits through long-term residence or property ownership, as well as the “Golden Investor Visa” (Golden Visa).

Similar government programs appeared in Europe in 2013: they provide residence permits in exchange for economic investments. Some programs have already closed (for example, in Hungary), but Spain’s continues to operate. The term “Golden Visa” is technically inaccurate — the document is more correctly called a “Golden Residence Permit.”

Citizens of China and Russia actively participate in Spain’s investment visa program. Property buyers receive not only residence permits: Spain’s real estate market demonstrates steady growth and price increases, creating opportunities for passive income through rental.

2. What does Spain’s “Golden Visa” program entail?

The program was launched on September 28, 2013, and targets residents of non-EU countries who want to invest, conduct business, or engage in professional activities in Spain. In 2015, significant changes were made that simplified conditions and expanded opportunities for investors and their families.

Investments for the “Golden Visa”

Option 1: Real Estate Investment

• Purchase of real estate in Spain worth from €500,000
• Multiple property purchases are allowed (for example, two apartments totaling €500,000)
• Joint purchases are allowed if each applicant’s share is at least €500,000

Option 2: Financial Investments

• €2,000,000 in Spanish government bonds, OR
• €1,000,000 in shares of local companies or investment funds, OR
• €1,000,000 on deposit in a Spanish bank

Option 3: Business Plan

• Present a business plan demonstrating significant socio-economic impact

Mandatory requirement: all funds must have verified legal origin and transparent sources.

Investments can be made by individuals or legal entities. Legal entities cannot be registered in jurisdictions recognized as tax havens by the Bank of Spain (including American Samoa, Barbados, Bahrain, Bahamas, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia, and UAE).

Requirements for obtaining the “Golden Visa”

Applicants must meet the following criteria:

1. Citizenship of a non-EU country and legal age
2. No criminal record (for the last 5 years) and no visa violations with Spain or EU countries
3. Confirmation of maintaining investment rights at the time of application
4. Sufficient monthly income: at least €2,130 for the investor plus €532 for each dependent

Fees and taxes you pay for Spain’s “Golden Visa”

Legal support typically costs €7,000–€8,000 for family applications. Government fee for document processing is €70 per family member. Property registration involves approximately 12% of the property value in taxes and related expenses.

Can you bring your family to Spain with the “Golden Visa”

Financially dependent family members of the investor can apply simultaneously:

• Spouse or civil partner (including same-sex partners)
• Children under 18 (or older if dependent)
• Dependent parents

Family members receive the same visa category and similar residence rights.

Opportunities for living and working with the “Golden Visa”

The program allows both living and working in Spain. Permanent residents in the country gain access to public healthcare and schools, although medical insurance is required for document renewal. The visa provides the right to free movement throughout the Schengen zone for the duration of its validity.

Travel with the “Golden Visa”

The visa ensures visa-free movement through Schengen zone countries for the entire period of its validity.

3. How to obtain a “Golden Visa” in Spain?

Required documents

1. Valid passports (validity period — at least 6 months from visa issuance date)
2. Two photographs (35×45 mm)
3. NIE (foreigner identification number in Spain)
4. Notarized confirmation of investment (preliminary contract, purchase agreement, etc.)
5. Financial documents confirming sufficient income for 2 years: €2,130 per month (investor) plus €532 for each family member, confirmed by bank statements for 12 months
6. Medical insurance
7. Criminal record certificate for the last 5 years (translated and legalized)
8. Family documents (if necessary): marriage certificate, children’s birth certificates, proof of relationship (all translated and legalized)

Application procedure

For real estate investors (most common option):

1. Find and purchase real estate worth over €500,000 (or arrange a mortgage for amounts above this threshold; minimum €500,000 must be from own funds)

2. Application can be submitted immediately after signing the preliminary contract (contrato de arras), although full property transfer may occur later. The applicant must demonstrate availability of funds in Spanish banks to complete the transaction and pay taxes.

3. Obtain a six-month visa to complete the transaction, sign the deed (escritura), and pay corresponding taxes. After this, apply for a two-year residence permit.

4. Renewal: after the initial two-year residence permit, you can apply for a five-year residence permit (with indefinite renewal), provided you maintain property worth €500,000. If previous property is sold, new property of similar value must be presented.

Application directly from Spain:

If the applicant is already legally residing in Spain and invests in specified economic sectors, they can apply for residence permits directly, without leaving the country and without obtaining a six-month visa through the consulate.

Timeframes and procedures:

• All documents are submitted during the visa validity period plus 90 days after its expiration
• Application for resident card is submitted only in Madrid
• Failure to submit application within the established timeframe deprives the right to request residence permits based on this investment

Can you take a mortgage to obtain the “Golden Visa”?

The mandatory investment of €500,000 must be paid without mortgage financing — funds must be owned. Amounts above €500,000 can be financed or borrowed. For example: when purchasing a villa for €800,000, a mortgage can cover €300,000, and the remaining funds plus taxes must come from personal resources.

4. Law for entrepreneurs and capital investors

Business plan

To obtain Golden Visa through business requires a business plan demonstrating positive socio-economic impact in the implementation region, advantages in technological or scientific innovation, and job creation potential. Such plans are submitted to Spain’s Economic and Commercial Office at the embassy for evaluation. A positive conclusion serves as the basis for visa application.

Tax benefits for new business:

• Two-year preferential period after a positive first year
• Corporate Income Tax: reduced rate of 15%
• Personal Income Tax: 20% reduction from net profit

Capital investments

Investors must place funds within 60 days before visa application:

• €2,000,000 in Spanish government bonds, OR
• €1,000,000 in shares of non-public companies, OR
• €1,000,000 in investment fund, OR
• €1,000,000 on deposit in Spanish bank

Documents for investment confirmation:

1. Non-public company shares: certificate from Registro de Inversiones Exteriores del Ministerio de Economía y Competitividad (Foreign Investment Registry of the Ministry of Economy)
2. Public company shares: certificate from registered broker
3. Government bonds: certificate from bank or Bank of Spain confirming investment for at least 5 years
4. Bank deposits: bank certificate

5. How to obtain Spanish citizenship?

Golden Visa does not provide automatic right to citizenship. To obtain Spanish citizenship requires 10 consecutive years of legal residence (at least 182 days per year, totaling approximately 4 years and 2 months of actual presence in Spain).

Applications are submitted to the civil registry (registro civil) at place of residence or through the Ministry of Justice website.

Documents required when applying for citizenship based on residence permit:

• application;
• foreign citizen card / EU citizen family member card or registration certificate in Central Registry;
• residence registration certificate (registration);
• passport;
• birth certificate with translation and legalization;
• criminal record certificate from country of origin with translation and legalization;
• documents confirming financial solvency of citizen in Spain;
• confirmation of state fee payment;
• DELE diploma confirming Spanish language proficiency level.

Dual citizenship

Spain allows dual citizenship for applicants from countries with bilateral agreements: Latin American countries where Spanish or Portuguese is the official language, Andorra, Philippines, Equatorial Guinea, and Portugal. Citizens of other states cannot retain previous citizenship when obtaining Spanish citizenship.

Grounds for citizenship revocation:

Citizenship may be revoked in cases of: using previous citizenship within 3 years of obtaining Spanish citizenship, joining foreign military service, holding government positions outside Spain, or providing false information when applying.

Spanish passport

Benefits of holding a Spanish passport:

New citizens must comply with Spanish legislation, including progressive taxation (rates from 19% to 45%). According to the Henley & Partners index, Spain ranks 4th globally in freedom of movement, providing visa-free access to 185 countries.

Main benefits:

• Residence in a stable, economically developed EU member state
• Freedom to live and work throughout the European Union
• Access to Europe’s best universities and labor market
• EU-standard healthcare and moderate cost of living
• Favorable mortgage and credit conditions

6. How to obtain residence permit in Spain?

EU/EEA citizens

European Union and European Economic Area citizens must register with the immigration office and obtain NIE (with registration certificate). Registration is done through the “cita previa” system.

The following documents must be prepared for registration:

• Passport/ID
• Income confirmation/bank account statement
• Medical insurance
• Basis for residence in Spain (work/self-employment/studies, etc.)

Result — registration certificate (Certificado de registro como residente comunitario). Document requirements may vary depending on specific circumstances.

Citizens of non-EU/EEA countries

Citizens of countries outside EU/EEA can obtain residence permits on several grounds:

• “Golden Visa” for investments or opening business in Spain
• Residence permit when purchasing real estate in Spain
• Family reunification
• Studies in Spain
• Marriage to Spanish citizen
• Refugee status or political asylum
• Work
• Relocation (residence permit)

Special circumstances may include Spanish origin, humanitarian grounds, or victim of gender violence status.

Residence permit in Spain for real estate investors

There are two main investment residence permit options:

Option 1: Golden Visa investor

• Minimum real estate investment: €500,000
• Mortgage on this minimum amount is not allowed
• Property worth €500,000 must be free of mortgage encumbrance

Option 2: Residence permit for financially independent persons (Visado de Residencia no Lucrativa)

• Purchase housing for any amount OR
• Long-term rental (from 2 years)
• Income requirement: 400% of IPREM index (approximately €28,000 in 2019, plus €7,000 for each family member)
• Does not include right to employment

The second option is a more accessible path to residence permit and subsequently to citizenship through property acquisition.

Also keep in mind the following about residence permit:

1. Minimum residence period: at least 182 days per year in Spain

2. Renewal procedure: initial residence permit → 1-year renewal → two 2-year renewals → 5-year renewal (indefinite) → right to citizenship after 10 years of legal residence

3. Financial verification: income documents required for each residence permit renewal

4. Criminal record: criminal record not allowed

5. Employment restrictions: employment not permitted (residence permit intended for financially independent persons with existing income)

6. Entrepreneurial activity: allowed as founder or investor

7. Family: family members can apply for residence permits

8. Processing timeframes: average 4–6 months

This option remains most popular among property buyers as it requires less significant investment than Golden Visa.

Difference between investment visas and residence permits

Investment Residency Visa:

• Valid for 1 calendar year
• Allows entry to Spain, then application for two-year residence permit
• After 2 years — possibility to obtain five-year residence permit with indefinite renewal
• 10 years of legal residence provide right to citizenship

Residence Permit:

• Requires maintaining investments (property) for renewal
• Non-compliance with this condition results in renewal denial and obligation to leave the country
• Requires at least one visit to Spain during current visa validity (confirmed by tickets/stamps)
• Current taxpayer status required

Residency in Spain for non-EU citizens

Main paths to obtaining residence permits:

1. Family reunification: available if parent/grandparent born in Spain, family member has corresponding residence permit, or children born in Spain

2. Studies: requires certificate from educational institution recognized by Ministry of Education — school, university, language school, or certified courses. Residence permit renewed annually until completion of studies; students can work no more than 20 hours per week. After 3 years of student residence permit, can apply for full employment permit. Five-year work residence permit provides right to apply for permanent residence.

3. Marriage to Spanish citizen: ensures residence and possibility of obtaining citizenship in shortest time (citizenship application possible after 1 year). Civil registry contacts and document list depend on region. Marriage documents must be translated to Spanish and notarized (in some cases — legalized).

4. Refugee status: based on 1951 Geneva Conventions and 1967 Protocol on refugee status. Requires documentary evidence of persecution or oppression. Provides all rights of Spanish citizen except voting rights. Processing time: from 6 months to several years.

5. Work: employment contract registered with Spain’s Ministry of Labor provides right to long-term visa with subsequent work residence permit. Highly qualified specialists can obtain EU Blue Card through simplified procedure, especially in the following sectors:

   • IT
   • Science
   • Chemical industry
   • Some engineering sectors

6. Naturalization: previously 3+ years of residence allowed citizenship application. Currently, citizens of non-Schengen countries require 10+ years of residence to apply for permanent residence (with exceptions for individual nationalities).

Dual citizenship: Spain recognizes dual citizenship only with a limited number of countries, primarily Latin American states and Portugal.

7. Conclusion

VirtoProperty’s legal team offers comprehensive residence permit support. Service cost — from €3,000 per applicant, 50% discount for family members. Initial Golden Visa consultation — free.

Specialists ensure residence permit acquisition without personal presence in Madrid. All processes occur online; applicant needs to appear in person at consulate only for document submission, visa receipt, and fingerprinting (final stage). Remote document coordination reduces expenses and travel time. Average visa processing time at consulates — 3–4 months.

What you receive using our “Golden Visa” support services:

1. Process control at all stages with application status tracking
2. Consultation on necessary documents and their verification
3. Document translation services
4. Form and application completion
5. Assistance obtaining property registry certificate
6. Consulate appointment and accompaniment
7. Fee payment administration (some services involve additional expenses)
8. Additional support as needed